Rafiki raises $10M in Series A funding to expand its microfinance platform in Africa. Investors include Sequoia and loca

Rafiki's $10M Series A funding, backed by Sequoia, bolsters its microfinance platform's expansion across Africa, intensifying competition in the fintech sector against players like M-Pesa and traditional banks by enhancing digital financial inclusion for underserved populations. This investment could accelerate Rafiki's market penetration and feature development, drawing further capital into African fintech and pressuring incumbents to innovate in mobile lending and payments.